Question: How do I protect the assets from lawsuits, bankruptcy and the courts? -D.O., Maryland
It is best to get your asset protection take care of well before you get sued, go bankrupt, or have some other type of trouble. Which instruments you use depends of the asset you are trying to protect. Your business should be held in an entity, your home should be held in a trust, rental properties should be held in LLCs. I have this all laid out for you in my Accumulation and Preservation of Wealth Course.
The import thing is to take care of it NOW. There is a three year draw back window on most transfers your make with litigation or bankruptcy in mind. I always tell my clients that you do your asset protection today. However there are certain investments that you can make that will help shelter your money. For instance, in many states your homestead will protect a certain amount of money from being lost to either litigation or bankruptcy. If you put your money in your home nobody can get it. There are a couple of other tricks that will allow you to shelter even more money at the last minute. If you are already in trouble get to a good planner as soon as you can.